National oil company law needs to be amended – MP

BAGHDAD / IraqiNews.com: An Iraqi legislator said on Sunday that the law on the national oil company needs to be amended, namely in the aspect of financial appropriations. “The parliament’s oil & gas committee will add a paragraph in the law on the training and rehabilitation of national technicians based on up-to-date systems to enhance the administrative and technical levels,” Abdulhadi al-Hassani, the committee deputy chairman, told Iraqi News. ” When the company enjoys all the top-notch financial, administrative and technical potentials and Iraqi and foreign companies are working under its umbrella, it will definitely be able to attain a significant breakthrough in Iraq ‘s oil exports,” he added. The national oil company, formerly known as the Iraq Petroleum Company (IPC), had been first established in 1927. It had received many approvals to extract oil in Saudi Arabia , Kuwait and Dubai until 1961 when the late president Abdulkareem Qassem had law 80 enacted to limit the work of foreign companies on the fields, which caused a hiatus in activities to discover new oilfields until 1964. AmR (P)/SR 1